GUELPH, Ontario, Sept. 28, 2016 /PRNewswire/ -- Canadian Solar
Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of
the world's largest solar power companies, today announced that it
has been awarded US$3.5 million
funding from Australian Renewable Energy Agency ("ARENA") for two
of its solar power projects, totaling 47MWp in Australia.
The two solar power projects, located in Longreach and Oakey,
Queensland, are 17MWp and 30MWp
each in size. With the 20-year government-backed Contract for
Difference in place, we plan to start the construction of both
projects in Q1 2017 and achieve Commercial Operations Date ("COD")
in January 2018 or earlier.
"We are pleased and proud to secure the funding from ARENA to
support our solar project business in Australia, where we see the market is growing
steadily," commented Dr. Shawn Qu,
Chairman and Chief Executive Officer of Canadian Solar, "By
leveraging our strong project development and execution
capabilities, and with the support from the local government, we
will continue to expand and execute on our quality solar project
pipeline in Australia, so as to
make contributions to the adoption of clean solar energy in the
country."
The 17MWp project at Longreach will be comprised of 54,600
Canadian Solar's new MaxPower2 CS6U-320 (1500V) polycrystalline
modules. The expected output for the first year of operation is
around 39.0GWh, equivalent to powering approximately 8,500
Queensland homes. The 30MWp
project at Oakey utilizes 93,600 Canadian Solar's new MaxPower2
CS6U-320 (1500V) polycrystalline modules, with the expected output
for the first year of operation of around 59.9GWh, equivalent to
powering approximately 14,100 homes in Queensland.
About Canadian Solar Inc.
Founded in 2001 in Canada,
Canadian Solar is one of the world's largest and foremost solar
power companies. As a leading manufacturer of solar photovoltaic
modules and provider of solar energy solutions, Canadian Solar also
has a geographically diversified pipeline of utility-scale power
projects in various stages of development. In the past 14 years,
Canadian Solar has successfully delivered over 16 GW of premium
quality modules to over 90 countries around the world. Furthermore,
Canadian Solar is one of the most bankable companies in the solar
industry, having been publicly listed on NASDAQ since 2006.
For additional information about the company, follow Canadian
Solar
on LinkedIn or
visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's
expected future shipment volumes, gross margins, business prospects
and future quarterly or annual results, particularly the management
quotations and the statements in the "Business Outlook" section,
are forward-looking statements that involve a number of risks and
uncertainties that could cause actual results to differ materially.
These statements are made under the "Safe Harbor" provisions of the
U.S. Private Securities Litigation Reform Act of 1995. In some
cases, you can identify forward-looking statements by such terms as
"believes," "expects," "anticipates," "intends," "estimates," the
negative of these terms, or other comparable terminology. Factors
that could cause actual results to differ include general business
and economic conditions and the state of the solar industry;
governmental support for the deployment of solar power; future
available supplies of high-purity silicon; demand for end-use
products by consumers and inventory levels of such products in the
supply chain; changes in demand from significant customers; changes
in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns;
changes in product mix; capacity utilization; level of competition;
pricing pressure and declines in average selling prices; delays in
new product introduction; delays in utility-scale project approval
process; delays in utility-scale project construction; continued
success in technological innovations and delivery of products with
the features customers demand; shortage in supply of materials or
capacity requirements; availability of financing; exchange rate
fluctuations; litigation and other risks as described in the
Company's SEC filings, including its annual report on Form 20-F
filed on April 20, 2016. Although the
Company believes that the expectations reflected in the forward
looking statements are reasonable, it cannot guarantee future
results, level of activity, performance, or achievements. Investors
should not place undue reliance on these forward-looking
statements. All information provided in this press release is as of
today's date, unless otherwise stated, and Canadian Solar
undertakes no duty to update such information, except as required
under applicable law.
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SOURCE Canadian Solar Inc.